Proactive Steps Are Crucial to Challenge the Status Quo
UpperEdge, an independent third-party advisory company that empowers organizations to get the most value from their IT supplier relationships, evaluates how companies can ensure digital and cloud transformation project success through proactive integrated sourcing strategies.
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Global spending on the digital transformation of business practices, products, and organizations is forecast to reach $2.8 trillion in 2025, more than double that of 2020. Digital transformation spending will have a compound annual growth rate (CAGR) of 16.4% over the 2021-2025 forecast period as organizations pursue a holistic digital strategy for people, processes, technology, data, and governance.
Companies undertaking digital transformations of their ERP, SCM, HCM, e-Commerce, and Customer Experience platforms that are simultaneously executing on cloud infrastructure transformation initiatives recognize that a well-thought-out integrated sourcing strategy provides the foundation for project success.
The scope and scale of the transformation will dictate the complexity of the technology investments required. But regardless of the scale, three pillars must be optimized from a sourcing perspective and viewed in an interrelated manner instead of individually:
- Technology acquisition
- Technology deployment
- Running and maintaining the technology
In order to master the integrated approach, certain key considerations and decisions are required for each pillar.
“Unfortunately, too many companies underappreciate this key component and fail to set an effective sourcing strategy foundation due to organizational silos, competing internal strategies, vendor influence and a lack of internal sourcing expertise,” said Len Riley, Commercial Advisory Practice Leader at UpperEdge.
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“Companies often revert to the typical approach instead of the integrated approach, not challenging their status quo, but taking a more serial methodology,” Riley added.
UpperEdge will offer insights into how to master integrated sourcing strategies in a webinar, “Ensuring Digital and Cloud Transformation Project Success Through Integrated Sourcing Strategies,” on March 2nd at 11:00 EST. Register at https://bit.ly/33dTZdE and you will be sent the recording even if you cannot attend.
